Redfin: 3 In 5 Homes Faced Bidding Wars In December 2021
Summary
If you’re the type of person who falls in love with a house, this is not your market,” said Candace Evans, a Redfin team manager in New York. An agent on my team just put a home in the Bronx on the market and started receiving offers even though there hadnt been a single open house or tour yet. The house ultimately received over 10 offers and went for well above the asking price.” The housing market was booming during the pandemic but with rising mortgage rates now making the homebuying process more expensive, the concern for buyers is they may no longer be able to stretch their budgets in order to write offers competitive enough to win. But they usually end up coming back once they’ve had a chance to lick their wounds.” “I tell my buyers not to compromise everything by giving up all the contingencies and safeguards that are in place to protect them. They need to be aggressive in order to win, but shouldn’t put their family’s financial health in jeopardy by doing things like blindly waiving inspections altogether.”